For the nine months ended September 30, 2012, Asia/Pacific net sales decreased 21.2% to $53.2 million versus $67.5 million last year. Organic net sales decreased 21.2%, caused by net sales declines in all three subsidiaries in the segment. The year to date loss before income taxes was $3.4 million, excluding restructuring charges of $0.7 million, as compared to earnings before income taxes of $3.8 million last year. The decrease in earnings before income taxes is primarily attributable to the Australian distribution business as a result of a significant reduction in net sales volumes.
Total debt outstanding was $254.7 million as of September 30, 2012, as compared to $262.8 million as of June 30, 2012 and $269.5 million as of December 31, 2011 (including the convertible debt discount, which reduced convertible debt and increased equity by $3.5 million as of September 30, 2012, by $3.6 million as of June 30, 2012 and by $4.1 million as of December 31, 2011). The Company's total debt outstanding as of September 30, 2012 consisted of $234.0 million drawn on the revolving credit facility, $13.4 million in convertible debt and $7.3 million of other debt.
The Company reported $15.6 million of free cash flow (c) in the third quarter of 2012 as compared to $25.0 million of free cash flow (c) in the third quarter of 2011. The third quarter 2012 free cash flow (c) was positively impacted by cash flow benefits from accounts receivable and accrued expenses partially offset by an accounts payable decline.The Company's ratio of debt to adjusted EBITDA (d) was 2.2 as of September 30, 2012, compared to 1.8 as of December 31, 2011 and 2.0 as of September 30, 2011. Days sales outstanding were 49 days at the end of the third quarter of 2012, compared to 50 days as of December 31, 2011 and 51 days as of September 30, 2011. Inventory turns at the end of the third quarter of 2012 were 5.2, compared to 5.7 as of December 31, 2011 and 5.7 as of September 30, 2011.
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